"In this business, success doesn't come to you, you have to go to "SUCCESS".  I've said that many times in my real estate career, especially when talking with new agents. It's never been more true than in today's market.

Triadelphia Road ChurchI had the perfect  lesson last year  selling an historic church that had been on the market for two years, not the whole time with me. It had been used most recently as home, studio, and gallery by a ceramic artist. (Of course I loved that since I was also a ceramic artist in a previous career.) The adjacent cemetery was an issue; some found this very peaceful and relaxing, but others would not have anything to do with a graveyard so close. The market was just starting to turn down in the Baltimore area then.

We exhausted all the traditional and non-traditional ways of drawing attention to this unique property:Tatiana Open House

  • A contest to suggest the most creative use of the building
  • An open house with popcorn and champagne
  • Featured it regularly in my blogs
  • Took agents who visited out to lunch
  • Advertised in the New York Times, the Washington Post, Russian newspapers, and more.
  • Advertised in business group publications and newsletters

There was lots of interest, we had lots of showings. But no one would make the right offer even though several people were interested at the same time. The news on radio and TV, with its gloom and doom, was frightening potential buyers.

Bidding at AuctionSo I suggested an auction, not sure how my seller would react, as way to get buyers to compete with each other. I interviewed three or four auctioneers before finding one who was as enthusiastic about this former church, ceramic studio, home, historic property. My seller agreed to put up a $10,000 advertising fee, and to auction we did go! And it sold! 30 days later it settled. My seller paid NO commission, NO closing costs, NO repairs. Happy seller, Happy me!

So me thinks, "If I can sell an 'unsalable' listing this way...why not real good 'salable' properties?" In the past year I lost several of my listings to auction companies. In discussing this with others the idea of starting an auction company that is Realtor®-friendly came about. Wouldn't it be wonderful, we thought, to have this option for sellers whose properties have been on the market for extended times? Wouldn't it be great for the client who wants to purchase non-contingent, or for the relocating family? What about the parents whose kids are out of town who don't want to worry about getting the house ready to show or having strangers in the house at any time?  For the educated person who understands Accelerated Marketing, it's the perfect answer.

Since I had five auctions in the past, including the historic church, I moved forward with this new concept and a new company concept. I took the idea to corporate and even suggested we get exclusivity for my former company. They seemed to be excited with the concept and said "we'll get back to you". I presented  at a weekly company meeting, again hearing excitement from the manager and agents. I ran ads for three weeks promoting nine of my listings that were going to auction.

TRAC signThen I received a phone call from corporate. They said they were NOT going to allow me to proceed with the new company because it did not have a track record. (How can a new company have a track record?  It was kind of funny because the new auction company is named TRAC, The Realtors Auction Company.)    http://www.tracauctions.com/

TREC signI'm convinced that this new business model of Realtor-friendly auctions is going to be successful, and I've chosen to go to it. I'm still doing traditional listings, of course, but now I have another option for my clients. Now that I am with TREC, THE Real Estate Company of Maryland, my clients can have whatever works best for them.

Know what makes me laugh? The other day I saw an ad by my former manager promoting a real estate prep class. And there were my words in his ad at the bottom of the page: "SUCCESS DOESN'T COME TO YOU…YOU GO TO IT." It's still true. And I've moved on to go to my next level of Success.

Sig

 

29 Comments on Are You Waiting for Success?

MAR
25
2008

Margaret,

Congratulations on your new venture! I work for a very forward thinking broker (www.majoronline.com) who, like you, sees auctions as the wave of the future. Now when we take a listing we have the option of taking it as an auction listing. I am excited for the future and another avenue to close home sales in todays sales climate.

Cheers,

4:30pm • #1
Margaret -- thxs for sharing --lets chat soon --I am back in town!
4:48pm • #2
110,262 Points
Margaret, I guess this is how it all came about. I've been wondering how it all went...now I know. I know you wouldn't have made the move without careful thought. I'm happy for you AND your clients. They how have a lot more options. Good for you!
7:18pm • #3
358,931 Points 38 Featured Posts Localism Sponsor Outside Blog

David, It's good to see choices for our clients. Wishing you much continued success.

Aziz, Welcome back. I am available.

Linda, You always know just the right thing to say.

 

8:13pm • #4
MAR
26
2008
577,499 Points 95 Featured Posts Localism Sponsor Outside Blog Hit Router
What a great idea and sounds like you might have solved a lot of problems. In Ann Arbor most people think that they are for problem houses. Please let us know how the  new company works out. 
7:11am • #5
612,105 Points 244 Featured Posts Localism Sponsor Outside Blog
Margaret just stopping by to support you in your new venture. You are going to do great!!!!
7:58am • #6
358,931 Points 38 Featured Posts Localism Sponsor Outside Blog

Missy, That has been the perception with "problem" houses. Not so with this company. Accelerated Marketing is the term I am using. As soon as the Auction sign goes up and it is in the MLS; Calls and showings increase dramatically.

Bryant, Your support has always been welcomed and appreciated!

9:52am • #7
Interesting way to go about business.  I don't think anyone does that up here.  Great concept!  Thanks for the post!
11:30am • #8
4 Featured Posts
What a fun post.  Good for you.  Thats the story of WHO MOVED MY CHEESE.  That is a great book. It talks about different scenarios in life. You have to go after the cheese.  Its not hand fed. :) 
2:01pm • #9
358,931 Points 38 Featured Posts Localism Sponsor Outside Blog

Casey, You could always be the first! Thanks for stopping and welcome to Active Rain.

Dave,  Good analogy!  I read Who Moved My Cheese  a few years ago and bought a dozen copies to give to friends.

Don't really care who moved my cheese! But  I do want to know where it is and go find it!

 

2:45pm • #10

Very interesting idea. In these changing times, we must try alternative methods in order to get the deal done. thanks for the insightful look into the future?

Mike W

6:01pm • #11
358,931 Points 38 Featured Posts Localism Sponsor Outside Blog

Mike, Glad you like this idea. In this changing market we have to explore other options. Welcome to Active Rain.

 

6:50pm • #12
425,645 Points 81 Featured Posts Localism Sponsor Outside Blog Hit Router
This sounds exciting, and I wish you every success.  Thanks for the phone call tonight - 'hope we talk again soon.
6:59pm • #13
MAR
27
2008
358,931 Points 38 Featured Posts Localism Sponsor Outside Blog
Margaret, You are a delight and it was so good to speak with you last evening. When you are in the Baltimore area, let's get together for lunch.
7:22am • #15
222,801 Points 2 Featured Posts Outside Blog
Margaret, I enjoyed our phone call the other night.  You truly are an inspiration.  I was wondering what the TREC meant and found that this is a new and exciting venture for you.  Good for you.  I have no doubt that you will be great. 
11:04am • #16
Hi Margaret- Thank you for your latest venture into Auctioning. I did subscribe for the flyer mailings. I'm looking forward to finding out more in this category of selling  
5:14pm • #17
MAR
28
2008
I was the seller of the historic country church...and without Margaret's full participation in the auction process, the whole concept would have been impossible.  The combination of real estate agent/auction is powerful.  Without her role as advocate, advisor and protector, I could never have gone through the process.  She was brilliant.  Thank you, Margaret!
Tatiana
8:56am • #18
358,931 Points 38 Featured Posts Localism Sponsor Outside Blog

Vicky, I enjoyed speaking with you. Really excited about my new company TREC The Real Estate Company. Your kind words are appreciated.

Anne, Great, I am glad you signed up for the mailings.

 

9:22am • #19
358,931 Points 38 Featured Posts Localism Sponsor Outside Blog

Tatiana, We made a wonderful team selling your historic home.Our relationship started out as a strictly business. But over time we became friends and even mentors of each other. My ceramic background and our mutual friend brought us together.

Here are some of the posts that I wrote while selling Triadelphia Rd.

 

14290 Triadelphia Rd. Glenelg, Md. 21737

 Another Kind of pot

Connecting and Re-connecting in the Rain

 Not Your Every Day Open House

What is Tatiana Up To Now?

 

11:22am • #20
591,330 Points 63 Featured Posts Outside Blog
Margaret, auctions sure could clear out a lot of stale inventory if the homeowners agreed to them.
12:14pm • #21
358,931 Points 38 Featured Posts Localism Sponsor Outside Blog

Gary, I think this is the way to move some real estate. We all need to understand the process. Thanks for stopping by

 

12:18pm • #22
MAR
31
2008
301,495 Points 12 Featured Posts Localism Sponsor Outside Blog

Hi Margaret,

Just found this post myself as a result of a week-in-review. Congrats on your new venture, I'm anxious to hear more about it in the future. And what a wonderful testimonial from your client. BTW, what is the new owner doing with the former church?

My own experience with auctions is somewhat limited. Although I spent all day yesterday (Sunday) looking at auction properties in the desert communities around Palm Springs, CA. I'm looked as an interested buyer myself.

There are multiple REO auctions taking place in the west, all properties are held open 3X (consecutive weeks) prior to the sale dates. Most are advertised about 50% less than expected final price to create the activity. I found that because all have a reserve bid amount they are still subject to owner/lender approval. One of the agents told me that 80% of them come around again 2-3X.

7:19pm • #23
358,931 Points 38 Featured Posts Localism Sponsor Outside Blog

Lynda, Thank you for finding this in week-in- review..  March 30th, 2008 marketing week in review

My seller is awesome and we have become such good friends. Our properties are not foreclosures. These are homes that we are using  Accelerated Marketing to get these homes under contract

Thanks for your kind comments.

 

9:29pm • #24
APR
01
2008
416,278 Points 3 Featured Posts Outside Blog

Margaret , Good luck with your new venture. I had written a post a few months ago that auctions were on the rise. I like your idea.

5:26am • #25
358,931 Points 38 Featured Posts Localism Sponsor Outside Blog

Gita, Thanks for the good wishes. I will go back and read your post. Please link that post here for others to see.

7:22am • #26
APR
02
2008
Margaret- Good Luck on your new venture. I would love to hear how it works out for you.
2:31pm • #27
358,931 Points 38 Featured Posts Localism Sponsor Outside Blog

Dana, Thanks for your good wishes and welcome to Active Rain.

I just left you a voice message after reading your profile.  We do have  similarities in our background.

7:27pm • #28

Hi Margaret,  Auctions are a great option for sellers anytime. Too often people think of auctions as a last resort.  It is refreshing to hear about auctions that encourage co-brokerage participation.  Congrats to you! Best wishes on your new opportunity! 

8:05pm • #29
358,931 Points 38 Featured Posts Localism Sponsor Outside Blog

Angela, We are just trying to get homes sold using another option. My showings have increased dramatically and hopefully we will have contracts even before the auction takes place!

Thank for stopping by.

8:53pm • #30

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